Crypto.com launches institutional trading platform in the U.S.

Korean Financial Regulator to Inspect Non-Fiat Crypto Trading PlatformThe Financial Intelligence Unit (FIU) under the Korean Financial Services Commission (FSC) plans to launch a comprehensive inspection on crypto trading platform Fobl (previously known as Foblgate) from March 11.©Pexels/김 대정Unlike other major Korean crypto exchanges, such as Upbit or Bithumb, which allow trading between fiat currencies and cryptocurrencies, Fobl only offers trading between cryptocurrencies.Inspection on non-fiat exchangesThe FIU’s inspection of Fobl is a follow-up to the regulator’s inspection of GDAC, another Korean non-fiat crypto exchange. This suggests that the FIU will focus on inspecting non-fiat exchanges in the first half of this year.Many in the cryptocurrency industry have been paying attention to the FIU’s move after its first inspection of GDAC, as it could signal the direction in which the regulator would take. Earlier this year, the FIU announced that it would conduct inspections not only on non-fiat crypto exchanges but also on wallet solutions, custodians, and staking service providers. It is known that the FIU has been reviewing anti-money laundering (AML) systems and asset management statuses of these crypto enterprises.Fobl’s possible addition of fiat tradingThe Korean crypto industry suspects Fobl might transform itself into a fiat crypto exchange, considering the FIU’s notice that it will prioritize examining non-fiat exchanges that are preparing to support fiat trading.Fobl CEO’s take on the marketPrior to this news, Fobl CEO Ahn Hyun-joon said in a recent interview with Etnews that the platform is in talks with multiple banks to acquire real-name bank accounts and is complying with all the regulations required by the authorities. During the interview, he also raised concerns about the uncertainty that faces non-fiat crypto trading platforms, pointing out that 97% of the crypto trading in Korea is being carried out in crypto exchanges that support trading of Korean won.In Korea, the financial regulator requires virtual asset service providers (VASPs) offering trading in Korean won to hold real-name registered accounts at domestic banks as a measure to prevent money laundering.

South Korea’s largest cryptocurrency exchange Upbit has opened a special event in celebration of its staking service surpassing a total value of KRW 1.5 trillion ($1.2 billion), where users can participate in a staking quiz to receive 0.002 ETH (approximately $4.60) each. Staking refers to the process of entrusting crypto assets to be utilized for a blockchain’s operations and receiving rewards in return.Photo by Nenad Novaković on UnsplashEvent detailsParticipants in the quiz event will have 30 minutes to complete five quizzes related to Upbit’s staking service. The total reward pool is 210 ETH, which will be allocated to 100,000 participants on a first-come, first-served basis the day after answers are submitted. After completing the quiz mission, ten users who also stake their Ethereum assets will get the opportunity to be selected to receive 1 ETH each. "We organized the event to make more users aware of staking on Upbit and to express our gratitude,” Dunamu, the operator of Upbit, said. Upbit’s growing staking platformUpbit’s staking service was officially launched in January last year. Currently, there are five cryptocurrencies that can be staked on Upbit – Ethereum, Cosmos, Cardano, Solana and Polygon. In particular, the exchange does not manage user assets or entrust them to external parties but stakes them through self-operated validators. All staked assets are stored in a cold wallet. 

Taiwan’s Financial Supervisory Commission (FSC), the independent government agency that regulates activity within Taiwan’s securities, virtual assets, banking and insurance sectors, is planning to invite applications from financial institutions to participate in a crypto custody services pilot program, scheduled to commence in Q1 2025. The Central News Agency (CNA), the national news agency of the Republic of China, published a report on Oct. 8, outlining the FSC’s intentions with regard to this crypto custody pilot program. The media outlet confirmed that three Taiwanese banks had expressed an interest in participating in the program.  The Director of the FSC’s Comprehensive Planning Division, Hu Zehua, outlined at a press conference that the regulator is planning to provide further information relative to the pilot program 15 days in advance of inviting applications from prospective participants. Photo by 張 峻嘉 on UnsplashPublic consultationAdditionally, the FSC executive outlined that the regulator intends to collect feedback from the public relative to the proposed pilot program, and fine-tune the process based upon that feedback. Hu stated that he recognizes that based on crypto custody activity carried out overseas, operational security is of paramount importance. Therefore, the FSC is interested in placing emphasis on this aspect of the activity as part of the pilot program.  Illicit funds and money laundering is another area of concern. With that the FSC executive outlined that financial institutions must proactively block virtual assets that are found to originate from illicit sources. In August a Taiwanese couple was indicted for laundering around $50 million in illegal funds through cryptocurrencies. Earlier this month, the FSC revised Taiwan’s regulatory framework relative to anti-money laundering (AML). The update now requires digital assets firms to register with the Taiwanese government by no later than September 2025. Failure to do so may result in these crypto companies being fined up to $156,000 or company executives facing up to two years in prison. Bitcoin, Ethereum and Dogecoin mentionedPilot program applicants will be expected to specify the type of digital assets they intend to custody. Explanatory information released by the FSC gave Bitcoin, Ethereum and Dogecoin as examples. Additionally, applicants are required to outline the type of client they will cater towards in providing a crypto custody service. Among the examples mentioned were virtual asset platforms, professional investors and general investors. The FSC announced at the end of last month that professional investors are now permitted to access foreign virtual asset exchange-traded funds (ETFs) and invest in them through a re-entrustment method. Taiwan has been making progress recently in bringing about regulatory clarity and establishing conditions within which Web3 companies can develop. The FSC had been working towards the production of draft crypto regulations over recent months. This followed a move by Taiwanese legislators in October 2024 to introduce the Virtual Asset Management Bill to parliament, with the objective of strengthening customer protections and establishing industry supervision. In September, the regulator released guidelines, including a measure which bans overseas crypto platforms from operating within the country.